26-229MR Former Warwick Gold and Impact Gold director Yuetu Ma disqualified from managing corporations for four years

ASIC has disqualified former Queensland resident Yuetu Ma (also known as Jack Ma) from managing corporations for four years arising from his role as a director of failed companies Warwick Gold Holdings Pty Ltd and Impact Gold Ltd.

Warwick Gold and Impact Gold entered liquidation in 2024 with substantial shortfalls. Mr Ma was a director of Warwick Gold from 20 June 2023, until it was wound up by Court order on 8 February 2024, and he was a director of Impact Gold from 28 February 2024, until it was wound up by Court order on 10 September 2024.

Both companies issued shares to raise funds for purported gold and precious metal mining operations in Papua New Guinea (Impact Gold) and Queensland (Warwick Gold). When the companies entered liquidation, $44 million had been raised from around 400 shareholders, with no assets having been identified.

ASIC found that Mr Ma failed to meet his obligations as a director because his management of the companies fell well below the standard expected of Australian directors.

ASIC’s findings included that Mr Ma:

  • (most seriously) failed to take part in the management of the companies
  • failed to act or make all reasonable enquiries about Impact Gold’s solvency and to take reasonable steps to ensure that it (as a public company) kept financial records, and
  • failed to assist the liquidators of Warwick Gold and Impact Gold by providing required information.

Mr Ma is disqualified from managing corporations until 21 September 2030.

Mr Ma has the right to seek a review of ASIC’s decision by the Administrative Review Tribunal.

Background

Following the collapses of Warwick Gold Holdings and Impact Gold in February and September 2024, ASIC conducted a wide-ranging investigation intended to hold accountable those persons who were responsible for the companies’ management and fundraising and, in turn, the substantial losses caused to shareholders and creditors.

As well as the disqualification of Mr Ma:

  • On 14 July 2025, ASIC commenced proceedings in the Federal Court under s206D Corporations Act 2001 to disqualify David Catsoulis, an officer of Impact Gold and Warwick Gold, from managing corporations (25-134MR). At all relevant times, Mr Catsoulis was the CEO of each of the companies. The maximum disqualification period under s206D is twenty years. The final hearing for this matter took place in June 2026 and the Court’s decision is awaited.
  • On 9 December 2025, ASIC commenced proceedings in the Federal Court to restrain Mr Colin Oxlade and Spice Capital Partners Pty Ltd from providing unlicensed financial services (25-297MR). In the proceedings against Mr Catsoulis, ASIC alleged that Mr Oxlade was involved in fundraising for the companies. In the proceedings against Mr Oxlade. ASIC alleges that (following the collapse of Warwick Gold Holdings and Impact Gold), Mr Oxlade and Spice Capital engaged in unlicensed financial services and raised approximately $1.5 million between February and July 2024. The final hearing of those proceedings will take place in July 2027.
  • On 12 December 2025, a former director of Warwick Gold Holdings and Impact Gold, Claire Moore, was disqualified by ASIC from managing corporations for a period of four years, pursuant to s206F Corporations Act 2001 (26-016MR).